Form Your Company

As a multitasking company owner, you know that DIY payroll processing is nothing short of a torcher. Also, it can lead to severe payroll mistakes. Payroll mistakes can put doubts in the minds about your credibility as a business. They can harm your relationship with employees. You can avoid them from happening by outsourcing your payroll inSingapore . However, here is a list of payroll mistakes you should avoid that you should know. 7 Payroll Mistakes You Should Avoid 1. Itemised Pay Slips As per the Employment Act, you must generate and issue itemised pay slips to your employees. These slips must give the essential details: basic salary, allowances, overtime, and deductions. It should also cover the payment date, salary period, annual leave, etc. 2. Error in Classifying Employees Making an error in classifying your employees is a grave mistake. It can lead to inaccurate withholding tax. It lays you wide open for fines and penalties. You should alw...

  As an owner of a business, you should know about the benefits of outsourcing your payroll in Singapore. Payroll outsource service firms can take care of the payment of salaries and taxes for the businesses and relieve them of the extra workload. In addition, these firms are more affordable than an in-house payroll setup. The current trend is to outsource payroll processing to a third-party firm. As many as 35%-40% of businesses hire payroll outsource service companies for the task. If you still need to do so, here are a few top reasons that will help you decide. Key Reasons to Hire a Payroll Outsource Service Firm Save Time payroll processing is a complicated task. It has too many components like hourly rate, incentive, grade, statutory contributions and levies, paid leaves and holidays. You have to take all these into account. In addition, the payroll rules change all the time. It means you must update your knowledge before processing your payroll each ti...